Housing permits and construction starts in Seoul both declined in September, indicating a slowdown in the recovery of housing supply. Although cumulative figures for the year show an increase compared to last year, the actual number of completed units ready for occupancy continues to decrease.
According to the Ministry of Land, Infrastructure and Transport's 'September 2026 Housing Statistics' released on the 30th, housing permits in Seoul last month totaled 4,431 units, an 8.5% decrease from the same month last year. During the same period, construction starts fell to 1,176 units, down 13.5%.
From January to September this year, cumulative housing permits in Seoul reached 44,371 units, a 33.3% increase compared to the same period last year, while construction starts totaled 21,855 units, up 36.5%. However, the poor performance in September has somewhat slowed the cumulative growth rate.
The decline in construction starts was even more pronounced across the metropolitan area. In September, housing starts in the metropolitan area dropped to 9,308 units, a staggering 43.3% decrease from the same month last year. Cumulative construction starts for the year also fell to 96,047 units, a 5.7% decline. In contrast, cumulative permits during the same period increased by only 1.5% to 113,676 units.
The number of completed units also decreased. From January to September this year, housing completions in Seoul totaled 26,881 units, down 17.6% from the same period last year. Overall completions in the metropolitan area also fell to 89,805 units, a 19.1% decrease.
Sales performance varied. In September, housing sales in Seoul plummeted to 14 units, a 94.5% drop compared to the same month last year, while cumulative sales increased to 15,976 units, a 73.7% rise.
Housing transactions also saw a decline. In September, apartment sales in Seoul totaled 3,915 transactions, down 14.7% from the previous month (4,589 transactions). Overall housing transactions in the metropolitan area decreased by 1.7% to 25,302 transactions, while nationwide transactions rose by 1.3% to 48,997.
As of the end of September, the number of unsold homes nationwide stood at 65,941 units, a 4.6% decrease from the previous month. The number of unsold homes after completion also fell to 27,549 units, down 1.9%, with approximately 84% of these, or 23,067 units, concentrated outside the metropolitan area.
* This article has been translated by AI.
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